The World Bank is an international organization dedicated to providing financing, advice, and research to developing nations to help their economic development. It was created in 1944 out of the Bretton Woods Agreement, which was secured under the United Nations after World War II. The Bretton Woods Agreement included several components: a collective international monetary system, the formation of the World Bank, and the creation of the International Monetary Fund (IMF). The World Bank is headquartered in Washington, D.C. with over 10,000 employees globally.
The bank predominantly acts as an organization that attempts to fight poverty by offering developmental assistance to middle and low income countries. They aim to end extreme poverty by decreasing the number of people living on less than $1.90 a day to below 3% of the world population. They also want to increase overall prosperity by increasing income growth in the bottom 40% of every country in the world. The World Bank has expanded to become known as the World Bank Group with five cooperative organizations, sometimes known as the World Banks. These organizations include The International Bank for Reconstruction and Development (IBRD), The International Finance Corporation (IFC), The International Development Association (IDA), The Multilateral Investment Guarantee Agency (MIGA) and The International Centre for Settlement of Investment Disputes (ICSID).
The World Bank has 189 member countries, staff from more than 170 countries, and offices in over 130 locations. The World Bank supplies qualifying governments with low-interest loans, zero-interest credits, and grants, all to support the development of individual economies. Debt borrowings and cash infusions help with global education, healthcare, public administration, infrastructure, and private-sector development. The World Bank also shares information with various entities through policy advice, research and analysis, and technical assistance. It offers advice and training for both the public and private sectors. They also have a Human Capital Project that was started in 2017 which seeks to help nations invest in and develop their human capital to produce a better society and economy. World leaders are urged to prioritize investments in education and healthcare to strengthen the human capital resources of the country. Another project that was started by the World Bank was the Learning for Future Project. It was created to enhance children’s readiness for school and the effectiveness of secondary instruction in Kyrgyzstan communities. The project established 500 community-based kindergarten programs, which allowed for the enrollment of over 20,000 children.